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Page 1: Fooled by Randomness Role of Chance in Markets and Life PROPER1

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8+ 3$ 2 9$%&0 :' $ 4&$;<=>$7>?$ @' +:A$ %&0$ 4&$ 4BC'AD $

@+$ < .. 0L A' CA <&+$ & 9$ A > $ 9 9 = A$ & 9$ ' C+,&B+ LL$ &+$ L & =< C.$ \ =( <+/$ & ', '$ C+,$ ] C. &0 L? P$

A >' &0 />$ A# & $ = > C' C =A 'L$ & 9$ & \\ &L <A $ C AA <A 0, L^$ 8+$ A> $ = & += C. ,$ ' C ' $ Q + A^$ K & # $

A><+/L$ <+ $B &, '+ $ .<9 $ BC? $ =>C+/ $ 'C A> '$ ' C\<, .? P$ V= \A P$ \ '>C\LP$ <+ $ , +A< LA '? ^$

E# &3 $ @$ F<GC'' $ @==&0+A<+/$ H A>&,$

8+$ C . A '+CA <Q $ ><L A&' < L P$ C $\'&TCT<. < LA < =$ Q < #$ &9 $ A> $# &'., P$ <+ A . . =A0C.$ 9 'C0, P$ C+, $ A> $

' C+,&B+ LL$ # < L,&B $ & 9$ C$ O ' +=>BC+$ # < A> $ L A C,?$ T C A> <+/$ > CT <A L^$ K &# $ ] &0 '+ C. <L AL$

C ' $T ' ,$ A& $ +& A$ 0+, 'L AC+,$ ' C+,&B $ L '< L$ & 9$ Q +AL^$ F # C' $ T& ' '&# , $ # <L,&B 3$ >&# $

C .B &L A$ C..$ / ' C A$ <, CL$ = &+ = '+ <+ /$ ' C+ , &B$ & 0A =&B L$ C ' $ C/ C<+ LA$ = &+ Q + A<& +C .$

LC\< += ̂$ 8+ $ A> $ ,<99 ' += $ T A# +$ =&'' =A+ LL $ C+, $ <+ A . .</<T <. <A? ^$

E>' 3$ @$HCA> BCA<=C.$ H ,<ACA<&+$ &+$ K<LA&'?$

8+ $H &+ A $ SC ' . &$ L <B0 . CA <&+$ C L$ C$B AC\>& '$ A &$ 0+, 'L AC+,<+/ $ C$ L _0 += $ & 9 $ ' C+,&B$

> <L A& '<= C.$ Q +AL^$ 8 +$ ' C+ ,&B+ LL$ C +,$ C 'A<9<=<C .$ > <L A& '? ^$ @ / $ <L$ T C0 A? P$ C .B & LA$

C .#C?LP$ C+, $ A> $+ #$ C+, $ A> $?&0+/$ C ' $/ + 'C ..?$ A &V < = ^$ 4 +, $?&0'$ > < LA& '? $ \ '& 9 LL& '$

A & $ C+$ <+ A '&,0= A& '? $ = . CL L$ &+ $ L CB\.<+/$ A> &'? ^$

O&0 '3$ ;C+,&B+ LLP$ &+L +L P$ C+,$ A> $ 4=< +A<9<= $ 2+A .. =A0C.$

8+$ V A +, <+/$ A> $H &+A $ SC ' .& $ / + 'C A& ' $ A & $ \ '&,0= $ C ' A< 9< =< C.$ A> <+( <+/ $ C+,$ =&B\ C' $

< A$# < A> $ ' </& '&0L$ +&+ R 'C+,& B $ =&+L A '0 =A L ^$ E> $ L = < += $ #C'L $ + A '$ A> $T0L <+ LL$ #&' ., ^$

7 >? $ A > $ C L A> A $ <+ $B $ . &Q L$ A &$ T $ 9 &&. ,$ T?$ ' C+,&B+ LL ^$

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^B###%

6 E K M+ 4S% > A= = KS <4 >%

O<Q 3$ 40'Q<QC.$ &9$ A> $ * CLA$ O<A$ R$ S C+$ 6Q&.0A<&+$ F $ O&&. ,$ T?$

;C+,&B+ LLD$

@$ = C L $ L A0 , ?$ & +$ A # &$ ' C' $ Q + AL ^$ 8 + $ ' C ' $ Q + AL$ C +,$ Q &.0 A< &+ ^$ K &# ` : X C '# < + < LB a$

C +, $ Q& . 0 A< & +$ C ' $ = & + = \ A L$ A > C A$ C ' $ B < L 0+, ' L A & &,$ <+ $ A> $ +&+ R T <& . & /< = C .$ #& ' . , ^$ * <9 $

<L$ + & A$ = & + A< + 0 & 0 L^$ K &# $ Q & .0 A< &+$ # <..$ T $ 9 && . ,$ T ?$ ' C + , &B+ L L ^$ @$ \ ' \ C ' CA <& +$ A &$

A > $ \ ' & T . B $ & 9$ < + ,0 = A< &+ ^$

4<V3$ 4( #+ LL$ C+,$ @L?BB A'?$

7 $ < + A '& ,0 = $ A > $ = & + = \ A$ & 9$ L ( #+ L L 3$ #>? $ A > $ A 'BL$ a T0 . . a$ C +,$ a T C ' a $ > C Q $ . <B < A ,$

B C+ < +/$ & 0 AL < , $ & 9$ G & & . & / ?^$ @ $ Q <= <& 0 L$ = > <. ,$# ' =( L$ A > $ L A ' 0 = A0 ' $ & 9$ ' C +,&B+ L L ^$ @+ $

< + A '& ,0 = A <& + $ A &$ A > $ \ ' & T . B $ & 9$ \ < L A B& .& / < =C .$ & \ C = <A ? ^$ E> $ \ +0 . A <BC A $ L A \$ T 9& ' $

A > $ \ ' & T . B $ & 9$ < +,0 = A< &+ ^$

4 Q +3$ E> $ -'&T. B$ &9$ 2+,0=A<&+$

8+ $ A > $ = > ' &B &,?+C B < = L $ & 9$ L#C+ L ^$ E C( < +/$ 4& .& + :L$ #C '+ < +/$ < + A&$ L &B $ \> < .& L & \> < =C .$

A ' '< A& ' ? $̂ K &# $ b < = A& '$ < , '> & 99 '$ A C 0 /> A$ B $ B\ < '< =< LB c$ 2$ C , , ,$ , ,0 = A< &+ ^$ 7 >? $

<A$ <L$ + & A $ L =< + A< 9< =$ A &$ A C ( $ L = < += $ L ' <& 0 L. ?^$ 4 & ' &L$ \ ' &B& A L$ -&\\ ' ^$ E>C A$ T & &( L A & ' $

& +$ I 1 L A$ C + ,$ O <9 A>$ @ Q +0 ̂$ - C L= C .: L$ # C / ' ^$

6</>A3$ E& &$ HC+?$ H<..<&+C<' L$ VA$ X&&'$

E>' $ < .. 0 L A' C A< &+L$ & 9$ A > $ L0 'Q <Q& ' L> <\ $T < C L ^$ 7 >? $ Q '?$ 9 #$\ &\. $ L>&0 ., $ . <Q $&+ $ -C '( $

@ Q + 0 ̂$ E > $ B <.. <& +C <' $ + V A$ , & &'$ > CL$ Q ' ?$ 9.<B L?$ = .& A> L ^$ @ +$ & Q ' =' &# , <+ /$ & 9$

 V\ 'A L ^ $

  <+ 3$ 2 A$ 2L $6CL< '$ E &$ F0?$ C+,$ 4 ..$E> C+$ O'?$ C+$ 6//$

4&B $ A = >+ <= C .$ V A + L <& + L$ & 9$ A > $ L 0 'Q <Q &' L> <\$ T <C L^$ 8+ $ A > $ , <L A' <T 0 A< &+$ & 9$ a = & <+ R

= < , + = L a $ <+ $ .<9 ̂$ 2 A$ < L$ \ ' 9 'CT . $ A &$ T $ . 0 =(?$ A >C+$ = &B \ A + A$ d T0 A$ ? &0 $ = C + $ T $ = C0/> A e ^$

E > $ T < 'A >, C ?$ \ C ' C , & V ^ $ H& ' $ = > C ' .C A C + L$ d C+ ,$ B& ' $ ] &0 ' +C .< LA Le ^$ K &# $ A > $ ' L C ' => ' $

# < A >$ #& ' ( $ A >< =L$ _ C+$ 9<+ ,$ ]0 LA$ C T & 0 A$ C + ?A >< + /$ <+$ , C A C^$ 8+ $ , & /L$ + & A$ T C '( <+ / ^$

E +3$ *&L '$ EC( L$ @.. $ R$ 8+$ A> $ &+.<+ C'<A< L$ &9 $*<9 $

E> $ +&+ . <+ C '$ Q <= <& 0 L+ LL$ & 9$ .<9 ̂$ H& Q < +/ $ A &$ F .$ @ <'$ C +,$ C = _0 <' <+/$ A > $ Q <= L$ & 9$ A > $

' < =>$ C+, $ 9 C B&0 L ^$ 7 >? $ H < = '& L& 9 A : L $ F <..$[ C A L$ BC ?$ +& A$ T $ A > $T L A$ < +$ > < L$ T0L < + LL$ d T0 A$

\ . C L $ , &$ + & A$ < + 9& 'B$ > <B $ & 9$ L 0 =>$ C$ 9 C =A e^$ X \ '< Q< +/$ , & +( ? L$ & 9$ 9 & &, ^$

6. Q +3$ ;C+,&B+ LL$ C+,$ 80'$ F'C<+3$ 7 $ @' $-'&TCT<.<A?$ F.<+,$

8+ $ A > $ , <9 9< =0 .A ?$ & 9$ A >< +( <+/$ & 9$ ? & 0 '$ Q C = C A <& + $ C L$ C$ . <+ C'$ = &BT < +C A < & + $ & 9$ - C '< L$ C +, $

A> $ F C> C B CL ^$ ' &$ E 0.<\$ B C ?$ + Q '$ L(<$ <+$ A> $ @ .\L$ C /C <+ ^$ 4 &B $ , <L=0 LL<&+$ & 9$

T >CQ < & ' C .$ , < L =&Q ' < L ^$ 4&B $ BC+ < 9 L A CA < &+L$ & 9$ \ '&TCT < .< A?$ T . <+,+ LL$ A C( +$ &0 A$ & 9$ C $

A V A T & & ( ^$ @$ .<AA. $ B& ' $ & +$ ] &0 ' +C .< LA <=$ \ & .. 0A <& + ^$ 7 >? $ ? & 0$ B C ?$ T $ , C,$ T ?$ + &# ^ $

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6 E KM +4 S% > A= = KS <4 >%

^#^%

E# .Q 3$ [CBT. 'L:$ E<=(L $ C+,$ -</ &+L$<+$C $ F &V$

8+ $ / CBT . ' L:$ A <= (L$ = ' &#, < + /$ 0 \$ B ?$ .<9 ̂$ 7 > ?$ T C ,$ A C V< R= C T$ 6 +/ .<L >$ = C +$ > .\$ ? & 0$

B C ( $ B&+ ? ^$ K &# $ 2$ CB $ A > $ 9 && .$ & 9$ C ..$ 9 && .L P$ V = \ A$ A > CA$ 2$ CB $ C#C ' $ & 9$ <A^$ X C .< +/$

# < A>$ B? $ / + A <=$ 0 + 9<A+ LL ^$ &$ T & V L$ & 9$ = > & = & .C A $ 0 +, '$ B? $ A 'C , <+ /$ , L( ^$

E><'A +3$SC'+ C, L$S&B L$A&$; &B 3$8 +$-'&TCT<.<A?$C+,$ 4( \A<=<LB$

SC A & $ A > $ = +L& '$ L +,L$ S C '+ C, L$ \ C =( < +/^$ H&+L < 0 '$ , $ & '\& < L$ , & L$ +& A$ ' B BT '$

> <L$ & .,$ & \<+ <& +L ^$ F #C ' $ A> $ L =< + A<LA ^$ H C ' ' ? <+ /$ <, CL ^$ E > $ L CB $ ; & T ' A$ H ' A & +$

> .\ <+/$ A > $ C 0 A >& ' $ L A C' A$ > <L$ 9 <'B ^$ 4 = < += $ Q& .Q L$ 9 ' &B $ 9 0+ 'C .$ A &$ 9 0+ ' C. ^$

O&0'A +3$ FC==>0L$ @TC+,&+L$ @+A&+?$

H& +A> ' . C+ A : L $ , C A> ^ $ 4 A & <= < LB $ <L$ +& A $ A > $ L A< 99$ 0\\ '$ .<\ P$ T0 A$ A > $ < . .0 L <&+$ & 9 $ Q < = A & '?$ & 9$

B C +$ C/ C<+ LA$ ' C+ ,& B+ L L ^$ 2A$ <L$ L&$ CL?$ A &$ T $ > ' &<= $̂ ; C+ , &B + L L$ C+ ,$ \ 'L& +C .$

 . /C+ = ̂ $

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= ' <B<+C .$ A ' <C . L$ 1 Z MnJ $

= '<L <L$ >0+ A ' L$ W J $

= ' <A <= C .$ A > <+( <+/$ M P$ 1 U Z$

C TL + = $ & 9$ U N$

S ' & L 0 L$ W P$ 1 N$

= ' & LL R L =A <& + C .$ \ ' & T . B $ Y M $

S ?' + $ 1 U h$

S ? '0 L P$ 5 <+ /$ 1 N$

X C , C$ 6 +/ <+ $ J I R h$

X C '# < +<L B$ U 1 R I $

, C AC$ B <+ <+ /$ 1 h h $

, C AC$ L +& &\ <+ /$ 1 h Z R J$

X C#( <+ L P$ ; < = > C' ,$ J I P$ U 1$

X T ' 0 P$ [ ' C ',$ 1 M Y$

, ,0 = A< Q $ L AC A B + A L$ J 1$

, BC ' = CA <& + P$ \ ' &T . B$ & 9$ 1 N Y $

, + <C .$ U N $

, + < /' C A< &+$ & 9$ > <L A& '?$ I U P $ M Y R U $

X < C =& + <L P$ - ' = ?$ 1 h h $

, <C . = A< =< C+ L$ 1 U h R M$

, </ +< A?$ 1 W I $

, <\$ T 0? 'L$ Y 1 P$ U N$

, <L =0 LL <& +$ B A< +/$ U J R Y $

, <L A<. . , $ A > <+( <+/$ Z 1 R J$

, <L A' <T 0 A< &+$ & 9$ A> $ BC V <B0 B $ & 9$

' C + , &B$ Q C' <C T. L$ 1 J h $

X & L$ - CL L& LP$ ` & > +$ 1 h M$

X ' &L +< +P$ H < = >C .$ 1 h h$

 = &+ &B A' <= L$ W I P$ W Y R U $

 = & + &B < =$ C +C .? L< L$ Y W $

 = & +&B < = L$

T >CQ <& ' C .$ 9 <+ C + = $ C +,$ =&+&B< = L$

1 Z Y $

B C A > BC A <= C .$ B & , .< +/$ C + ,$ 1 M J R Y$

+ & 'B C A<Q $ L= < += $ 1 Z Y R U $

 99 <= < + A$ BC '( A L$ Z M $

6 <+ L A < +P$ @ . T ' A$ h U P$ M Z$

 . /C += P$ \ ' L& + C.$ 1 W M R Z$

6 . 0 C' , P$ - C 0 .$ J Z $

 B ' / <+ /$ B C ' ( A$ T &+ , L$ A 'C , <+ /$ J U R Y M$

 B & A<& +L$ 1 J 1 R I P$ 1 Y I R h $

6 B \ <' <= C$ 1 U W $

 B\ <' <= <LB$ 1 N N P$ 1 N 1$

 + = &0 + A ' LP$ ' C + ,&B$ 1 h I R h$

 +Q < '& +B + A$ 1 ZhnM$

 + Q < '& +B + A$ B C \ \ <+ /$ 1 Z U$

 + Q?$ 1 W R I 1$

 \ <=$ \ & A L$ h Z $

6 \ < =0 ' <C + <LB$ 1 W 1$

 \ <L A B& . &/ ?$ 1 N N $

 '/ &, <= <A?$ Z N R 1 P$ 1 I W R h 1$

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G H H %

< &N4c %

 Q <, += $ 1 Z M R J$

C T L + = $ & 9$ Q <, + = $ C +,$ Q <, + = $ & 9$

C TL + = $ 1 J I$

 Q &.0 A<& +$ M J R Y $

+ C <Q $ A > & '< L$ U 1 R h $

 Q & . 0 A <& + C ' ?$ \ L ? => & . &/ ?$ 1 Z U $

 V \ = AC A< &+$ 1 Z N$

& 9$ A > $ B C V <B 0 B$ 1 I U R W $

C +,$ B , <C +$ U M R J$

67CB%)%(# @'1'&#$) PW

9 C. L< 9< =C A< &+ <LB$ 1 N J R U$

9 CB $ 1 M M$

O ? +B C + P$ ; < => C ',$ M Y $

9<. A '<+ /$ B A > & , L$ 1 J J R Y$

9 <+ C+ =<C .$ = &+ &B <L AL$ 1 N Z R J P$ 1 U U R W$

 V \ ' A L$ & +$ A . Q <L <& +$ 1 J I R M$

9 <+ C+ =< C.$ +/ <+ ' <+/$ W U $

9 <' >&0 L $ 9 9 =A$ Y h $

9<A+ LL$ Z Z P$ U 1 R h $

9 .& #$ 1 J 1$

9 &' = C LA$ C + ,$ \ ' &\ > = ?$ h J$

O 'C += $ 1 U Z$

/ CBT . ' L :$ A <= ( L$ 1 Y J R U$

[ C A L P$ F <..$ 1 M Z$

/ ' & +A &= ' C= ?$ Z Z R J $

/ .& TC .$ # C 'B < + /$ W 1$

[ & ,$ 1 N W$

[ & '/ <C L$ 1 U M $

[ & 0., P$ 4 A Q +$ ` C ?$ U 1 P$ U M R Z$

/ 'C BB C'$ M M $

' =0 'L <Q $ / ' C BB C '$ J I R h $

[ ' C +A P$ ` <B$ Z M $

[ ' ($ 8 ' A > & , & V$ = >0 ' =>$ J J$

[ ' + P$ [ ' C> C B$ I Y R U P$ 1 Y M$

> C T <A CA P$ + C A0 ' C.$ 1 Z h R M$

K C + + <T C .$ h Z$

K C ? ( P$ O '< ,' <= >$ Q & +$ 1 N U$

> ,/ $ 90 +, L$ Z M P$ Y 1 P$ 1 U W$

K / .P$ [ & '/ $ 7 ^ O ^$ J M$

> '& L$ h Z P$ 1 Z h P$ 1 W 1 R I$

> </ >R? < .,$ T & +, L$ A 'C , <+ /$ 1 Y R I 1 P$ Y M R U $

> < LA & '< = C.$ , A 'B <+ <LB $ M W$

> <L A& '?$ h Z P$ W h$

C .A ' + C A< Q $ > <L A& '< L$ I J R W$

, + </ 'C A< &+$ & 9$ I U P$ M Y R U $

9 <+ C+ =< C.$ +/< + ' <+/$ C +, $ W U $

B C A> B C A< =L$ C +,$ M N R Z W$

K < A. ' P$ @ , & .9$ h Z $

K &B ' < =$ > '& L$ 1 Z h$

K 0B P$ X CQ <,$ 1 N N$

M5%'1 $hZ$

<+ , \ +, += $ 1 M J $

<+ ,0 =A<& +P$ \ ' &T . B $ & 9$ 1 N P$ I U P$ W W R 1 1 N $

< +,0 = A< Q $ L A CA B + A L$ J 1 $

< + 9& 'BC A< & +$ 1 Z M$

C + ,$ <+ =' CL $ & 9$ ( + &# . , / $ 1 N Y $

+ #L$ Z 1 R h P$ Z M P$ Z W$

C +,$ + &<L $ Z 1 R h P$ Z J R W $

< +A . .< /< T< .< A? $ C+, $ = & ' ' = A+ LL$ h Y R U$

< +A ' L A$ ' C A $ , <9 9 ' + A< C.$ Y Z P$ Y J $

2 + A ' + CA <& + C.$ H&+ A C ' ? $ O 0+,$ Y M $

<+ A' &L \ = A<& +$ I W R h N P$ M N R Z W$

<+ Q 'L $ ' C ' $ Q + AL$ W J $

< +Q LAB +A$ = C A /& ' < L P$ L . = A <&+ $ & 9$

1 h Y $

<+ Q L AB + A$ > &0 L L$ 1 h R 1 M$

, <L =0 LL <& +$ B A <+ /$ U J R Y $

<+ Q L AB +A$ B C + C / ' L$ 1 I Y R h 1 $

` C +R- C A' <= $ h h R M $

` & > +$ d> </ >R? < .,$ A 'C , ' e$ 1 Y R I 1 P$ Y M R U $

] &<+ A$ \ ' &T C T< .< A?$ 1 Z Z R J $

]& 0'+ C.<LB$ h Z R J P$ Z 1 P$ Z M R Z P$ 1 J I R M $

5 C 9 (C P$ O ' C+ G$ 1 Z J $

5 C >+ B C + P$ X C+ < .$ I N P$ M U P$ 1 Z Y R U$

5 C . A L( ? P$ @ + C A &. $ Z M $

5 + +?$ h I R h$

5 ?+ LP$ ` & >+$ H C ? + C ' ,$ M Z P$ 1 N Y $

( +& # . , / $ 1 N Y$

5 & ' CV$ 1 U M$

.C +/ 0C / $ J Z R J $

)## '5)8 $ / ' C BB C '$

. C '+ <+ /$ 9 '&B$ B < LA C( L$ M U R W P$ 1 U W $

* <T+ <G P$ [& A A 9' < , $ U I $

. Q 'C/ $ Y J P$ Y Y $

.<9 $ V \ =A C+ = ?$ 1 J h R M$

. <+ C '$ = &BT < + C A< & +$ 1 Z N$

* < ++ C 0 L P$ S C ' .$ U I $

. <A ' C' ?$ < + A . . = A0 C .L$ J N R M$

. &+/ R> C0 .$ < + Q L AB + A$ Y W$

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G H G %

< &N4c %

\ > <.& L& \> ?$ 1 I R 1 h P$ M Z P$ J M$

&9$L=< += $ hP  QQHDD_

L A& <= <L B$ 1 W 1 R Z$

-> < .& L A' C A0 L$ Z J $

\ > ?L <= <L AL$ h 1 R I $

\ >? L<=L$ 1 N J R Y$

-<$ M h R M $

\ </ &+$ V \ '< B +A$ 1 Y U R W$

\ . C+ + <+ / P$ . C= ($ & 9$ U N $

\ & A' ?$ I P$ J M R Y $

- & .? C$ \ '& = L L$ 1 M J $

- &\ \ ' P$ 5 C' .$ J 1 P$ 1 N h R W$

\ & \ 0. CA <& +$ L<G $ 1 I M P$ 1 h N $

\ & ' A9 & .< &L$ W M $

\ & L< A< &+ L P$ . &? C .A ?$ A &$ Y W P$ 1 U Y$

\ & L< A< Q $ L = < += L$ 1 Z U$

\ &L <A <Q <LB$ 1 N Y R U$

\ &L L<T . $ & 0 A= &B L P$ ' C+ / $ & 9$ I M R Z $

\ ' B<0B $ T0? ' Lk L . . ' L$ 1 J 1 $

\ ' &T C T <. <A ?$ I P$ h Y $

T .<+ ,+ LL$ 1 M W R J U $

= > <. ,$ & 9$ L ( \ A< =< LB $ 1 U M R Z $

< +A '& L\ =A <& +$ M N R Z W$

C +,$ L \ = 0.C A<& +$ 1 U I R W N $

\ ' &\ > = ?$ C + ,$ 9 &' = C LA$ h J $

\ ' &\ ' < AC '?$ A 'C , <+ /$ 1 M R 1 Y$

- ' &0 L AP$ H C ' = .$ 1 Z h$

M- *#'$/A 8< F%.# a8)($ 1WP$ 1UZRJ$

\ L 0,&A >< + ( 'L$ J M $

\ L? => &. &/ ?$ 1 Z I R U$

- ?' '> &$ 1 Y W R U N$

CB'-()$MMP$ YZRJ$

o7 6 ; E %$ ( ?T &C ',$ 1 M M R Z$

; ^ P$ * C 0' +$ h N$

; C T <+ P$ 2 AG > C($ 1 h h$

' C + , &B $ L CB\ . $ \ C A> L$ d 'C + , &B$ ' 0+ Le$

M I R h $

' C+ , &B+ L L$ 9 && .P$ A ' C< A L$ & 9$ Y U R U N$

' C' $ Q +AL$ U W R W N P$ W 1$

= CL $ LA0 ,< L$ J U R Y U$

 Q &. 0A <& +$ C +,$ U I R h $

9 C. . C= ?$ W h R U $

+ &+ R , A = A < & +$ T?$ L AC A< LA <= <C + L$ W J $

'C A < &+C . < A ?  Q[

C+, $ T <C L L$ < +$ 0+, ' L A C +, < +/$

\ '& T CT <. <A?$ 1 Z U R J I $

' C .< A?$ I U R W$

' =0 'L <Q $ / ' C BB C '$ J I R h $

' 9 ' + = $ = CL $ \ '& T . B$ 1 h W R M N $

' / <B $ L# <A => <+ /$ Z Z P$ U I ^$

' . </ <& +$ J J $

' Q 'L $ E 0 '< +/$ A LA$ J I R h $

' > A& ' <= <C + L$ 1 U M$

' <= >$ \ & \ . $ 1 I N R h $

; < BT C0 , P$ @ ' A> 0 '$ I$

' <L($ h h R M $

C Q 'L <& +$ 1 Z R 1 J $

& 9$ T .& #$ 0 \$ I N R 1 $

'<L ($ B C + C / ' L$ h U R W $

'<L ($ B CL 0 ' ' L$ 1 U U R W$

; & TT R[ ' <. . AP$ @ . C< +$ M Y$

; & T ' A L& + P$ ` 0 .< C+$ Y W $

: ; &T < +$ K & & , :$ < +Q L AB + A$ \ &. <= ?$ 1 I M $

; & / ' LP$ ` < B$ W N$

; & B C +$ 4 +CA $ 1 U h$

; & G C+ P$ ` C + RH C + 0 .$ 1 U J$

; 0 LL <C +$ T &+ , L$ Y 1 R M $

; 0 LL <C +$ ' &0 . AA $ I Y R U $

;0L L < C+$ '0T . QW

;0 L L< C+$ L =< + A <L AL$ h 1 R I $

4 C/ C+ P$ S C ' .$ 1 h W $

L CB \ . $ \ CA> L$ M 1 R h $

4 CB0 . L& + P$ - C 0.$ 1 M Y$

LC +, \<. $ 99 =A$ 1 M I R J$

4 C + AC$ O $ 2 +L A< A0 A $ 1 M Y$

L =C .< +/$ \ ' & \ ' A?$ & 9$ ' C + , &B+ L L$ Z Y R W$

*/A'1#-<$#B1#

%GI9G%

4 => &. L P$ H ? ' & + $ 1 U W $

L =< += $ I P$ Z$

\ > <.& L& \> ?$ & 9$ L =< += $ h P$ W W R 1 1 N$

\ &L <A <Q $ C + ,$ + & 'B C A< Q $ 1 Z Y R U$

C +,$ L =< + A< LA L$ 1 W N$

L 0 'Q <Q &' L> <\$ T <C L L$ 1 M N R 1 $

L ?BB A '?$ C + ,$ W N R h $

L = < + A <9 <=$ < + A . . = A0C . L$ J N R M $

L = < + A <LB $ W U $

L =< + A< LA L$ Z P$ 1 W N$

' <L ($ B C L 0 ' ' L$ C + ,$ B . A , &#+ $ & 9$

1 W W U$ 1 U U R W$

<+$ A ' C, <+ /$ I W R h I$

L .9 R= & +A 'C , <= A< &+$ 1 U Z R U $

L . 9R =& +A' &.$ 1 Y W R U 1 $

4 + CA P$ ; &B C + $ 1 U h$

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< &N4c %

GH[ %

4 + = C$ 1 W M$

L '& A& +<+$ I I R h P $ U h$

4 ><.. 'P$ ; & T ' A$ h Z R J P $ Z h R M $

L > &' A< +/$ Y N $

L </+ C.$ C + ,$ + &<L $ 1 J J R Y P$ 1 U N R 1$

L </ +C .<+ /P$ > & 'B & + L$ C + ,$ I I R h P$ U h$

4 <B\ L& +$ d 8 ^` ^ e$ A ' <C .$ 1 Z M R J$

L <' + LP$ A > $ 1 Y 1 $

L ( \ A<= <LB$ 1 U h R Z$

L( # + LL$ 1 N P$ U M R W U P$ 1 M J$

4 (<+ + 'P$ F ^O ^$ 1 Y U R W$

L B && A> <+ /$ ( '+ .$ 1 J J R Y$

4 & =' CA L$ 1 U h $

\ '$ ' . CA <& + L$ h 1 R I $

C + ,$ Q &< =<+ /$ B C ' ( A$ = C..L$ U U R W $

A . Q<L<& +$ 1 J h R M P$ 1 Y h R M$

E B\ . LB C + P$ H C 0 ' <= $ 1 W h$

A LAC T. $ L AC A B + AL$ 1 N 1 R I$

A <B $ L '< L$ W 1 R h P $ W Y $

A ' C= ($ ' = &' ,$ 1 I J P$ 1 I Y R h 1$

A ' C, ' L k A 'C , < +/$ M$

C \ \ C ' C + = $ C +,$ <+ A .. =A$ Y N$

T & , ?$ . C+ / 0C / $ I h $

T &LL L$ h I R M $

 B ' / <+ /$ B C '( A$ T &+ ,L$ J U R Y M$